Studying Abroad? Here are Some Saving Ideas
At International Citizens Insurance, students of all ages are encouraged to take the leap and experience life in another country. Living abroad offers countless benefits, from exploring new cultures to gaining a fresh perspective on your field of study. It’s an experience that can shape your future and stay with you for a lifetime.
Budgeting is one of the most crucial aspects of planning a study abroad experience, as costs can accumulate quickly. This guide shares practical money-saving tips gathered from years of working with international students and travelers, helping to make studying abroad more affordable and rewarding.
1. Apply for Study Abroad Scholarships
Even after you’re accepted into a study abroad program, that’s not necessarily the end of the story. There’s typically still time to apply for competitive scholarships from your home university and the host institution abroad, as well as hundreds of scholarship options from nonprofits. Many of these offer relatively small cash awards, but they are grants that never need to be repaid.
2. Set a Reasonable Budget Beforehand
Before you leave, it’s a good idea to contact the university where you’ll be studying and inquire about the cost of living. If you have friends or family members who have traveled to your destination, also get information from them. Your housing may be a fixed cost, but you should still plan for food, transportation, and weekend activities, plus 15% for the unexpected.
3. Use Student Discounts for Travel and Attractions
Several organizations can provide you with an international ID card that will identify you as a student, or you can use your university-issued ID for student discounts. These discounts typically apply to individuals studying, regardless of their non-traditional age, and can offer 10% to 20% off the costs of subways, museum tickets, and more.
4. Use Free and Low-Cost Communication Apps
Staying in touch with family and friends doesn’t have to be expensive. Prepaid calling cards are largely outdated, and today’s international students can save significantly by using free or low-cost communication apps. Tools like WhatsApp, FaceTime, Skype, and Zoom make it easy to call or video chat over Wi-Fi or mobile data without expensive international rates. Before you travel, download your preferred apps and test them with your contacts so you can stay connected wherever your studies take you.
5. Use ATMs Instead of Exchange Booths
It’s essential to be aware of exchange rates and service fees whenever you need to get money in your host country. Generally speaking, ATMs will provide lower fees than currency exchange booths. Some U.S. banks are part of the Global ATM Alliance that allows you to use partner ATMs at a lower fee. Starting a local bank account is also an option.
6. Make ATM Withdrawals Less Frequently
Although you can minimize transaction fees by being strategic, you will likely not be able to eliminate them. If you have a solid budget, you should be able to make ATM withdrawals as infrequently as once a week. Studying abroad is one of the times when using a credit card may also be a good idea, as long as you plan to pay off the balance within a short time.
7. Don’t Be Afraid to Shop for Groceries or Even Try Street Food
In many countries, restaurants are more expensive than they are in the United States. Because of this, you may want to consider less expensive (but still healthy) alternatives. Many students report that buffets become their best friends. Remain aware of your surroundings, but don’t be afraid to try out street vendors or kebab vans for an inexpensive meal now and then.
8. Get Travel Health Insurance
In most countries, you will not have access to public health resources while studying. Instead, it’s a good idea to get student travel health insurance that will cover you for the duration of your journey. If your host institution frequently hosts exchange students, you should be able to obtain the names and locations of doctors who can assist you directly from your university abroad.
Study Abroad Resources
Joe Cronin, President of ICI, is a leading expert in international health, life, and travel insurance. An MBA and founder of multiple global businesses, he helps expatriates and travelers access trusted, comprehensive insurance solutions worldwide.
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